Clarius Group LLC Has $211,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Clarius Group LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.4% in the second quarter, Holdings Channel reports. The fund owned 3,496 shares of the software maker’s stock after selling 198 shares during the period. Clarius Group LLC’s holdings in Fortinet were worth $211,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the first quarter worth $25,000. Rise Advisors LLC raised its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Vima LLC bought a new stake in shares of Fortinet in the fourth quarter valued at about $25,000. Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $32,000. Finally, American National Bank grew its holdings in shares of Fortinet by 443.6% during the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after buying an additional 488 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on FTNT. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research note on Wednesday. BMO Capital Markets boosted their price objective on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.31.

Fortinet Stock Performance

Shares of FTNT stock traded up $1.21 on Friday, hitting $69.89. The company’s stock had a trading volume of 2,874,751 shares, compared to its average volume of 5,899,256. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $73.91. The stock’s 50 day moving average is $59.38 and its 200-day moving average is $63.70. The company has a market capitalization of $53.39 billion, a PE ratio of 44.89, a PEG ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $0.31 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. On average, research analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 91,915 shares of company stock worth $5,401,638 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.